FCA Unveils New Fund Rules Amid Neil Woodford Saga
Law360, London (September 30, 2019, 3:35 PM BST) -- The Financial Conduct Authority published new rules Monday for funds investing in illiquid assets to ensure investors get clearer warnings about the risk of becoming trapped in holdings of unlisted equity.
The new rules, which will define a new category of funds invested in inherently illiquid assets from September 2020 to ensure that investors are “appropriately protected,” were revealed after the collapse of Neil Woodford's £3.7 billion ($4.6 billion) flagship fund.
Funds that fall into the new category will be subject to stricter requirements. Funds will be obliged to set out standard risk warnings in financial promotions and will be subject to enhanced oversight...
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